Tips for home buyers
Buying a new home is an exhilarating experience. You get to start everything afresh, a whole new surrounding to start a new lifestyle. It’s a time of change, new experience and growth in your life. Each of us have an idea of what our dream home will look like, and there’s nothing worse than hidden obstacles to rain on the new home parade. These tips for home buyers can save you a great deal of angst, thus keeping the buying process an exciting and much less challenging time.
Have you considered your location?
You need to ask yourself if your dream home is worth adding twenty minutes of traffic to and from work each day. The location of your home is of central importance. You don’t want to spend fortunes on a house only to find that you hadn’t considered how central it is to the rest of your life.
Furthermore, you should conduct research into the area’s crime rates, read local area newspapers to ascertain if electricity shortages occur too often, if there is a tendency for unrest in the area, as well as how close it is to power lines or plants. All of these things affect a property’s value, and can seriously affect your lifestyle.
Property specialists from Rawson advise that you ask the following:
- Is the area convenient for your work
- Is it close to amenities, such as schools, shopping malls and emergency services
- Is there access to public transport
- What is the crime rate
- Is the air polluted?
Is your budget prepared for unforeseen costs?
It is highly advisable that you conduct thorough research into the costs associated with buying a property. Remember that you will not only be paying the sticker price on the home, but all the costs associated with the deal.
According to Money Smart, these costs can include transfer duty (calculated according to the sliding scale of the property value), conveyance (these usually add 1-2% to the purchase price), VAT (in certain instances), assessment costs, bond express (initiation fees, legal fees, stamp duty and bond registrations) and fees payable to the deeds office, not to mention your monthly home loan instalments.Â Have you budgeted for all of these?
Have you inspected for structural defects?
Finding a property that has attracted your interest is only the first step. Now, you will need to inspect it more closely so that there are no unpleasant surprises awaiting your arrival. In particular, according to Rawson, you must pay special attention to the following:
- The condition of the building
- The condition of the grounds (landscape)
- Are the walls damp
- Is there a leak in the roof
- Is the electricity (or gas) system in working condition
- Is the plumbing in working condition
- What are the annual rates
- Is the area pretty
- Are there any pending commercial developments that could affect the property prices in the area
Don’t be afraid to go all out when it comes to show day. Let the agent selling the property know you mean business in terms of full transparency of information regarding any structural defects. It is, after all, up to the sellers to ensure they pass on a home in working order.
Sources: Money Smart online and Rawson Property Group